The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-03
FIRE INSURANCE LOSSES.
A Flock of Rumors Affecting the SOlvency Of
Number of Prominent Companies.

NEW YORK, June 2-The Tribune says ''Ru-
mors Of failures of fire insurance companies were
flying about thick and fast among insurance
men yesterday. They were caused by the three
large fires of the last week-the Belt-line
stables Palmer's cooperage in Williamsburg, and
John s. Richards's warehouse at West and King
streets, On each of which certain companies,
which had already sustained large losses this
year. had unusually big lines In the five
months since Jan. l the number Of fires entail
ing large losses has been greater than in any
similar period since the many fires in the dry
goods district in 1879 The result has been that
several companies have been hard hit,' as the
expression is. and if they do not succumb they
will probably be obliged to pass one or two divi-
dends. The largest loser in the fires of the
last week was the PhmnIx company, Of Lon
don. 1t had line of $28, $50 the Belt
line stables and $47, 500 the Williamsburg
cooperage and it's total loss the two cannot
fall far short of 500, 0OO These abnormally
large amounts to place single risks, but 1T was
explained by one of the officers of the company
in this Wayne began May /. 1856. to in
crease our lines of insurance on certain classes
of risks and to issue policies for from $4,000 to
$50, 600. 1t was in a measure, a new departure,
and we placed this kind of business in a separate
department known the Jumbo Line Depart
ment. As we assumed Dig risks, we naturally
expected big losses ana calculated that
would be able to pay out 80 900 day without
impairng surplus. Thus far we have been
successful beyond expectation, and notwith-
standing the large losses of the past few days,
premiums have been considerably more
than enough to keep even. Another of the
companies which was said to be affected by the
recent fires is the Fire Association of New
York. This organized less than year
ago, with a small capital, and has made
specially of placing large lines, running
high as 500, 000 Early in March it had two
large losses and was involved to the extent OF
500, 900 in the Williamsburg cooperags fire, and
5000 In the Kine-street warehouse blaze. Van
derbilt Allen, the president, said that even if
this was a total loss, which he doubted, his COM
pany would not be seriously affected, as it had
had unusually good run of luck, not having
had fire for the fret six months Of its exist
ence, and extremely few since.
1T was i'm possible to learn yesterday, the full
amount of insurance the King-street fire,
many officers of the companies interested were
too busy adjusting other losses to be present at
the meeting of the board of underwriters. but it
is believed to be 1864 ,000 The American Insur-
ance Company placed $780, 900 on the building,
which is owned by Booth & Edgar and is dam
aged $40, 200. and the Liverpool and London and
Globe, Scottish Union, London Assurance, Me-
chancs and Merchants and Sun Fire companies
issued the largest policies the contents. A
great effort has been made by companies inter-
ested to prevent the publication of complete
list of the nsurances the Belt-line car sta
bles, as il was feared that it would affect their
standing